OREANDA-NEWS. April 28, 2008. President Nursultan Nazarbayev Participates in a Council Devoted to Reports Submitted by the National Bank, Agency for Regulating and Supervising Financial Markets and Financial Organizations and Agency for Regulating Activities of the Financial Center of the City of Almaty in 2007, reported the Official website www.akorda.kz.

Chairman of the National Bank Anvar Saidenov reported on results of the National Bank’s work in 2007.

According to the Chairman of the National Bank, despite of the complications that arose in the second half of 2007 the Kazakhstani banking and finance systems have successfully coped with the instability in world markets.

Talking about price growth, the Chairman of the National Bank noted that conjuncture in the world markets of food, energy and a number of monetary factors played a crucial role in that process. At the same time the Chairman of the National Bank noted that growth rates decreased in the first quarter of 2008.

The President noted the necessity of strengthening the National Bank’s activities on restricting inflation rates and outlined this task including maintaining financial stability in the country as one of the most important ones.

Chairwoman of the Agency for regulating and supervising financial markets and financial organizations Elena Bakhmutova in her speech reported on a significant deceleration of growth rates of assets and credit portfolio of private banks and on the measures taken by the Agency on developing a system evaluating financial stability. In the opinion of the Chairwoman of the Agency, it is necessary to radically strengthen functional activities in order to solve the problems the Agency faces now.

The President set a task to intensify the Agency’s work on monitoring the situation in the banking system, to strengthen institutional possibilities of the Agency, to develop and adopt a law aimed at broadening the Agency’s authorities.

Chairman of the Agency for regulating activities of the regional financial center of the city of Almaty Arystanov reported on the work conducted by the Agency in 2007 on reviving the stock market.

The Head of State in his speech positively evaluated the role of state bodies in ensuring financial stability under conditions of world financial crisis. At the same time, the President put an emphasis on top priority tasks such as decrease of inflation rates, strengthening control over the situation in banking area, solid bank control and also intensification of the work on attracting new players and investors to the local stock market.